Addressing the Sixth Global Focal Point Conference on Asset Recovery in New Delhi, Prime Minister Narendra Modi on Wednesday said the Paris attacks show how terrorists have come up with ways to meet their funding requirements because of which targeting the proceeds of crime is essential to tackling it.

PM Modi on Wednesday said the NDA government at the Centre has taken "significant steps to check corruption and menace of black money".

The prime minister was addressing the Sixth Global Focal Point Conference on Asset Recovery being hosted by the CBI.

Asserting that his government is unsparing in punishing the corrupt, Modi said 45 senior officers have either been removed or faced pension cuts for "unsatisfactory performance and delivery in public service".

"The Government is committed to ensuring probity among public servants and to protect them from frivolous allegations...Equally, the Government is unsparing when it comes to punishing the corrupt. We have so far removed and ensured pension cuts of 45 senior officers of various services for unsatisfactory performance and delivery in public service," he said.

Modi said after assuming the office, his government had taken several steps to check corruption and the menace of black money in a short span of time which included setting of a Special Investigation Team under the supervision of the Supreme Court to look into the black money issue.

Modi said India has entered into agreements with many countries for exchanging real time information on black money besides signing an Inter Government Agreement with the US to implement the Foreign Account Tax Compliance Act (FATCA).

He said the focus of his government was on providing system-based and policy-driven governance. "A governance structure that is sensitive, transparent and accountable," he said.

"Besides this, a comprehensive and deterrent law, the Black Money Undisclosed Foreign Income and Assets and Imposition of Tax Act, has been enacted which provides for stringent penalties and prosecution," he added.

"We have also introduced a provision under the Prevention of Money Laundering Act for restitution of assets. This will enable millions of poor investors who have lost money in ponzi schemes to recover a part of their hard earned money," he said.

"We in India are currently in a crucial phase of nation building. Our mission is to build a prosperous India. An India where our farmers are capable, our workers satisfied, our women empowered and our youth self-reliant.

"This is not an impossible mission. However, to achieve this objective, it is essential to fight relentlessly against corruption. India stands committed in its fight against corruption," he said.

The Paris attacks show how terrorists have come up with ways to meet their funding requirements because of which targeting the proceeds of crime is essential to tackling it, Modi said.Source: India Today